30 
Valuation of the Library—Below is given a tabular statement 
of the value of our library on December 31. Special attention 
is called to the fact, there shown, that with a total cash value of 
publications of $16,944.20, the total cash expenditure, including 
binding, has been only $6,181.08, or only about $1,000 a year. 
The remaining $10,763.12 represents the value of exchanges and 
gifts during the past six years. 
APPROXIMATE VALUATION oF LiprARY PROPERTY, AS OF DECEMBER 31, 1916 
Lemvalticsoiebooks mow im library ............05 sce eras $11,800.58 
(Includes Museum transfers, purchases, gifts and ex- 
changes, and binding 
2. Value of pamphlets (6,827, estimated at an average value of 
SOMCELESs CaAGh)). 5 a... iis. s1 eae Onan nae sR RETO ar 1 ct 3,413.50 
. Value of current par (excluding Federal and State publi- 
Gations Mbeing Teceivied, ".)tvine Cee a... Oe 426.34 
4. Value of puiatians now received in exchange for Ameri- 
GOs SOUTNOL Of Botany Sanur ere enn tae ees oe 199.61 
5. Value of ins HO now received in exchange for REcorp, 
eanersand C Ontribulons sare eee ae. se 49.70 
6. Value of Torrey Club cards, U. S. D. A. Experiment Station 
cards, and Universalis algarum cards ..............e000: 157.17 
7. Total value of all other items not’ included above .......... 682.30 
8. Labor and materials, exclusive of librarian’s salary (con- 
senVativesestimate).--..2 uae Payee ee hee HS. «wach s 215.00 
9. Total cash value of publications and index cards ............ $16,044.20 
(Includes Museum transfers, purchases, gifts and ex- 
changes, binding; pamphlets, back serials and 1916 
serials, and index cards.) 
10. Actual cash expended on the purchase of publications and on 
binding since the library started, and up to Dec. 31, 1916 6,181.08 
(Includes accessioned books, binding and subscriptions = 
noted on current periodienll cards for the years given.) 
11. Value of exchanges and gifts received during past six years $10,763.12 
Needs.—Libraries are probably never without needs. In this 
respect they are not unique. The needs of a young library are 
naturally larger and more pressing than those of an older one. 
The average annual expenditure, noted above, of only $1,000 for 
the initial years of a highly specialized reference library repre- 
sents most rigid economy, and has, of course, been quite inade- 
quate to our needs. The yearly cost of binding alone now 
